Note the "double premium wells." See this link among many other links; google EOG double premium wells.
Fourth Quarter Highlights
- Record quarterly adjusted net income of $1.8 billion, or $3.09 per share, and $2.0 billion of free cash flow
- Capital expenditures in-line with guidance while oil production above guidance mid-point
- Declared regular dividend of $0.75 per share and special dividend of $1.00 per share
Full Year 2021 Highlights
- Record annual adjusted net income of $5.0 billion, or $8.61 per share
- Generated record $5.5 billion of free cash flow
- Reduced well costs 7%
- Identified 700 new net double premium locations, replacing 170% of double premium wells drilled in 2021
- Replaced more than two times 2021 production at $5.81 per Boe finding and development cost
- Achieved significant improvements in methane emissions, water and safety performance
2022 Capital Plan
- Capital plan of $4.3 to $4.7 billion returns oil production to pre-pandemic levels, maintains flat well costs, lowers per-unit cash costs and funds investments to further improve the business
- Cash from operations before working capital funds capital plan at $32 WTI
"The outstanding fourth quarter results cap off a tremendous year for EOG – record earnings, record free cash flow, and return of cash that places EOG among the leaders in our industry and across the broader market. Reflecting these results, we are continuing to deliver on our long-standing free cash flow priorities with another $1.00 per share special dividend while further strengthening the balance sheet.
About that "double premium well":
Despite all the blabla about huge inventory of "double premium" (wells that break even at $30 oil), EOG's crude reserves are markedly lower end of 21 than 19. So something in all their investor blabla is hooey. Of course, remember what the E stands for. BY they way, they go to very strong efforts not to share the SEC reserves. Not in the press release, not in the PPT. Had to dig into supplemental information of the 10K to find it.
ReplyDelete... and do you have that 10K information?
DeleteI don't know what I was thinking! LOL. Don't bother to provide the 10K SEC reserves data. I've never, never, never tracked SEC reserves data. Once I learned how that data is derived, I lost interest in it. It's great for lawyers and companies when swapping, selling, and buying minerals, but it's all in the eye of the beholder. So, no, I don't need to know SEC reserves. But thank you any way.
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